Considering joining EuroChamber? Please see more about us here, our membership information here and application here. |
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| Start-up Trade Mission: Slush 2023, Helsinki, Finland |
| We are pleased to invite you to join EuroChamber's Trade Mission to Finland. In Helsinki, you will be able to attend Slush, the world's largest gathering of VC, and EuroChamber will organize a dedicated program for attendees of the trade mission.
Please refer to the program of Slush 2023.
Tentative itinerary: - 27 Nov: Arrival in Helsinki
- 28 Nov: Departure to Estonia and Visit to E-Estonia
- 29 Nov: Attending the Founders' Day (Side-Event of Slush) in Helsinki
- 30 Nov- 1 Dec: Attending Slush 2023 in Helsinki
- 2 Dec: Departure to Mongolia
The cost of trade mission will be EUR 5000 including event participation fee, airplane ticket, accommodation, and in-country transportation. Meals are not included.
Please express your interest here by 23 October, 2023. |
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| EuroChamber's Meeting with Minister Kh.Bulgantuya |
| On October 17, EuroChamber has successfully organized a breakfast meeting with the Minister of Labor and Social Protection Ms. Kh. Bulgantuya and the directors of the relevant departments Mr. S.Dambii and Ms. B.Alimaa.
The meeting was attended by Eurocamber's mining member companies who discussed issues related to the Labor Law. We thank minister Kh. Bulgantuya for this constructive meeting. |
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| "Business and Human Rights" training organized by EuroChamber |
| On October 12-13, EuroChamber Mongolia organized the third training session of "Business and Human Rights" for its members. This training session was conducted as part of the UNDP's Business and Human Rights Asia project in partnership with the European Union.
Recognizing the crucial role of the private sector in advancing the Sustainable Development Goals (SDGs) and advocating responsible business practices, this initiative seeks to nurture these principles and align with the United Nations Guiding Principles on Business and Human Rights and the National Action Plan on Business and Human Rights (NAPBHR). |
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| EuroChamber's "Exporting Mongolian Textile to Europe: What's Next?" took place |
| EuroChamber's "Exporting Mongolian Textile to Europe: What's Next?" event took place on October 19 with the support from the Italian Embassy in Mongolia. The event was attended by various stakeholders, including EU Delegation to Mongolia, international organizations, cashmere and wool companies, banks etc.
The presenters were Loro Piana Mongolia LLC, our Premium member Khan Bank and the Sustainable Fibre Alliance.
We thank the Embassy of Italy and Evseg Cashmere for sponsoring the event. |
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We are grateful Evseg Cashmere for becoming our Corporate Plus.
We look forward to working with you! |
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| President Khurelsukh Attends the Opening Ceremony of the Third Belt and Road Forum |
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President of Mongolia Khurelsukh Ukhnaa attended the Opening Ceremony of the Third Belt and Road Forum for International Cooperation on October 18, 2023.
The Forum is taking place in Beijing under the theme “High-quality Belt and Road Cooperation: Together for Common Development and Prosperity” on October 17-20, 2023.
In his opening remarks, President of the People's Republic of China Xi Jinping emphasized, “The Belt and Road Initiative, drawing inspiration from the ancient Silk Road and focusing on enhancing connectivity, aims to enhance policy, infrastructure, trade, financial and people-to-people connectivity, inject new impetus into the global economy, create new opportunities for global development, and build a new platform for international economic cooperation.”
President Xi Jinping also announced eight major steps China would take to support high-quality Belt and Road cooperation, involving over 150 countries and nearly 20 international organizations in the next ten years:
1. To build a multidimensional belt and road connectivity network, 2. To support an open world economy, 3. To carry out practical cooperation to support high-quality Belt and Road construction, 4. To promote green development, 5. To advance scientific and technological innovation, 6. To support people-to-people exchanges, 7. To promote integrity-based Belt and Road cooperation, 8. To strengthen institutional building for international Belt and Road cooperation.
The Third Belt and Road Forum for International Cooperation has three high-level forums on connectivity, green development, and digital economy, as well as six thematic forums on trade connectivity, people-to-people communication, think tank exchanges, clean Silk Road, subnational cooperation, and maritime cooperation.
The Heads of State and Government of 23 countries, including Mongolia, the Russian Federation, the Czech Republic, the Lao People's Democratic Republic, the Republic of Serbia, and the Democratic Socialist Republic of Sri Lanka, are participating in the Forum.
Source: montsame.mn |
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| Projects implemented by the Czech Republic in Mongolia Presented |
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The Government of the Czech Republic is implementing several projects to increase the supply of drinking water, develop the agricultural sector, and train urgently needed professional staff for the industrial sector in Mongolia.
During the Meeting with the President of the Mongolian National Chamber of Commerce and Industry (MNCCI) Enkhtuvshin Dashtseren, Ambassador Extraordinary and Plenipotentiary of the Czech Republic to Mongolia Jan Vytopil mentioned that certain results have been achieved in training professional personnel for the plant propagation and cultivation project carried out under the "One Billion Trees" National Campaign initiated by the President of Mongolia Khureslukh Ukhnaa.
The two sides discussed the organization of the Mongolian-Czech business forum, which will be held in late October 2023.
Ambassador Jan Vytopil also stated that the Czech Republic is cooperating with the Ministry of Education and Science of Mongolia to re-launch the scholarship program for Mongolian students to study at Czech universities and increase quotas for Mongolian students. He also noted that the MNCCI will play a significant role in organizing the Mongolian-Czech business forum to be held in late October this year, which will further develop traditional and friendly relations and intensify multilateral cooperation between Mongolia and the Czech Republic.
Vardan Khachatryan, Head of the Economic and Commercial Section of the Czech Embassy in Ulaanbaatar, leaders of the Mongolian National Chamber of Commerce and Industry, and other officials were present at the Meeting.
Source: montsame.mn |
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| Cooperation Documents Signed Between Mongolia and China |
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The President of Mongolia Khurelsukh Ukhnaa is participating in the Third Belt and Road Forum for International Cooperation in Beijing on October 17-20, 2023. During his Visit to the People's Republic of China (PRC), the following documents were signed with the presence of the Heads of State of the two countries in the Great Hall of the People on October 19, 2023: - Memorandum of Understanding between the Ministry of Economy and Development of Mongolia and the National Development and Reform Commission (NDRC) of the People´s Republic of China on cooperation in low-carbon green development was signed by Deputy Prime Minister and Minister of Economy and Development of Mongolia Khurelbaatar Chimed and Chairman of the NDRC Zheng Shanjie.
- Memorandum of Understanding between the Ministry of Economy and Development of Mongolia, the Ministry of Road and Transport Development of Mongolia, and the National Development and Reform Commission of the People´s Republic of China on the establishment of a working group on the cross-border railway of Shiveehuren-Sekhee Port was signed by Deputy Prime Minister and Minister of Economy and Development of Mongolia Khurelbaatar Chimed and Chairman of the NDRC Zheng Shanjie.
- Memorandum of Understanding between the Ministry of Economy and Development of Mongolia and the Ministry of Commerce of the People's Republic of China on investment cooperation in the field of digital economy was signed by Deputy Prime Minister and Minister of Economy and Development of Mongolia Khurelbaatar Chimed and Minister of Commerce of the People´s Republic of China Wang Wentao.
The following bilateral documents were also signed. These are: - Agreement between the Government of Mongolia and the Government of China on deepening cooperation in tourism was signed by the Minister of Environment and Tourism of Mongolia Bat-Erdene Bat-Ulzii, Minister of Culture and Tourism of the People´s Republic of China Hu Heping.
- Memorandum of Understanding on cooperation between the Ministry of Economy and Development of Mongolia and the National Development and Reform Commission of the People´s Republic of China was signed by Deputy Prime Minister and Ministry of Economy and Development of Mongolia Khurelbaatar Chimed and Chairman of the NDRC Zheng Shanjie.
- Agreement between the National Commission of Border Port Revival of Mongolia and the General Administration of Customs (GAC) of the People´s Republic of China on cooperation on Mongolia-China border port management was signed by the Chair of the National Commission of Border Port Revival B. Tulga and Member of the Party Committee of the General Administration of Customs of the People's Republic of China, Chairman of the National Port Administration Zhao Zonglian.
- Memorandum of Understanding between the Mongolian Customs General Administration (MCGA) and the General Administration of Customs (GAC) of the People´s Republic of China on the joint fight against the crime of smuggling illegal goods was signed by Head of the Mongolian Customs General Administration Otgonjargal Regjiibuu and Head of the General Administration of Customs of the PRC Yu Jianhua.
- Protocol between the Mongolian Customs General Administration and the General Administration of Customs of the People's Republic of China on veterinary and sanitary requirements for the export of animals and animal products from Mongolia to China was signed by Head of the Mongolian Customs General Administration Otgonjargal Regjiibuu and Head of the General Administration of Customs of the People's Republic of China Yu Jianhua.
In this protocol, the parties agreed on several issues regarding the restriction of the export of animals and animal products from Mongolia to China, as well as compliance with veterinary and sanitary requirements. Animals and animal products for industrial purposes include technical products or gelatin, oil, and protein (peptone) obtained from the bones, horns, hooves, and fat of cows, sheep, goats, and horses by drying, steaming, processing under high pressure, or pressure spray drying, as well as products made from crushed bones, horns, and hooves.
Source: montsame.mn |
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| Next year, the expected state budget deficit is projected to be MNT 2.1 trillion. |
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On May 31, 2023, the Parliament approved the 2024 Budget Framework Statement of the Unified Budget of Mongolia and the 2025-2026 Budget Estimates Law.
Some indicators of these laws need to be realistically identified and adjusted to align with economic recovery. Next year, due to changes in the law on the declaration of the budget framework, the following expectations arise: - Balanced budget revenue is projected to be MNT 25.3 trillion.
- Total budget expenditure is anticipated to amount to MNT 27.4 trillion.
- Consequently, the balanced budget deficit is expected to reach MNT 2.1 trillion, equivalent to -2.8 percent of the gross domestic product.
These figures align with the special budget requirements stipulated in the Law on Fiscal Stability.
Furthermore, it is important to note that, "As the budget expands, the primary pillars supporting budget policy are salaries, pensions, and welfare. The overall budget increase for the upcoming year amounts to MNT 4.9 trillion. Out of this sum, MNT 3.4 trillion accounts for the increase in salaries, pensions, and allowances for the first six months of this year. This increase is now projected for the entire year, but no additional budget expansion is anticipated", the Minister of Finance said.
In the previous year's budget framework announcement, the Ministry of Finance had initially estimated economic growth at 6.5 percent. However, this year's revised estimate of 7 percent can be attributed to the substantial contribution of coal exports. While the Ministry of Economy and Development originally projected coal exports to range between 50-55 million tons, recent enhancements in border management, infrastructure development, and export transportation arrangements have led to an increase in current production to 51 million tons. Consequently, next year's coal export is now estimated to reach 60 million tons.
Additionally, it is worth noting that the primary driver of economic growth continues to be the mining sector. In addition to the rise in coal exports, there is also an increase in the gold and copper yields from the Oyutolgoi deposits. As a result, the non-mining sector is expected to experience growth at an estimated rate of 5.5 percent.
Source: https://www.parliament.mn/ |
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